$ZHENGWEI GROUP (02147.HK)$ Macquarie said in the report tha...
$ZHENGWEI GROUP(02147.HK$ Macquarie said in the report that $Meituan-W (03690.HK) $ sales in the third quarter were basically flat, but adjusted profit before interest, tax, depreciation, and amortization declined slightly due to aggressive investment in consumer and commercial subsidies.
Macquarie believes that with its strong core competitiveness, Meituan's leading position in the local service market in China will be very strong. However, in the face of in-store business competition, stock prices may fluctuate in the short term.
Macquarie predicts that core commercial revenue in 2024 will increase 20% year over year, and that the core operating profit margin will reach 17.7%. It lowered its adjusted earnings forecasts before interest, tax, depreciation, and amortization for 2023 and 2024 by 14% and 11%.
The broker lowered the company's price target from $197.1 to $121 and received a maintenance outperform market rating.
$Meituan (ADR) (MPNGY.US) $ $JD Group-SW (09618.HK) $ $Pinduoduo (PDD.US) $
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